Coal India has announced a significant development regarding its subsidiary's public offering plans. The company has disclosed the filing of prospectus for Bharat Coking Coal Limited's initial public offering under regulatory compliance requirements.

IPO Structure and Timeline

The public offering involves substantial equity participation through an offer for sale mechanism. Coal India provided detailed information about the IPO structure and regulatory filings in its disclosure dated January 14, 2026.

Regulatory Filings and Documentation

The IPO process has progressed through multiple regulatory filing stages. Bharat Coking Coal Limited initially filed a red herring prospectus dated January 2, 2026, followed by an addendum-cum-corrigendum dated January 7, 2026. The final prospectus dated January 13, 2026 was subsequently filed with the Registrar of Companies, Jharkhand at Ranchi on January 14, 2026.

Corporate Structure and Compliance

Bharat Coking Coal Limited operates as a wholly owned subsidiary of Coal India Limited. The disclosure was made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This announcement represents a continuation of previous disclosures made by the company dated January 3, 2026.

Market Communication

The disclosure was communicated to both major stock exchanges where Coal India shares are listed. The company addressed the Bombay Stock Exchange Limited (Scrip Code 533278) and National Stock Exchange of India Limited (ISIN: INE522F01014) as part of its regulatory compliance obligations. The communication emphasized the material nature of this information for market participants and stakeholders.

Coal India shares reached a two-month high, surging nearly 3% to ₹439.90 following the unprecedented success of its subsidiary Bharat Coking Coal Ltd's initial public offering. The stock has demonstrated strong momentum with gains of 10.23% in the first 14 days of 2025 and 19.11% over the past 12 months.

Record-Breaking IPO Performance

BCCL's IPO has created history in India's primary markets, becoming the first main-board IPO of 2025 while setting multiple records. The public offering attracted an unprecedented 90 lakh applications, marking the highest ever for a PSU IPO.

The offering ranks as the second-most subscribed PSU IPO by subscription multiple and the third-most bid-for PSU IPO by total capital committed, underscoring exceptional investor confidence in the company and the broader PSU investment theme.

Investor Category Performance

The IPO witnessed extraordinary demand across all investor categories, with institutional and high-net-worth individuals leading the charge.

This represents one of the highest subscription levels seen in recent public offerings, reflecting strong market confidence in the coking coal sector.

IPO Structure and Timeline

The ₹1,300-crore issue was entirely an offer for sale of 46.57 crore equity shares by promoter Coal India Ltd, with no fresh capital being raised by the company.

Bharat Coking Coal will list on both BSE and NSE, with market participants anticipating strong listing performance given the overwhelming response.

Analyst Outlook

Among 25 analysts tracked by Bloomberg covering Coal India, the sentiment remains mixed despite recent gains. The analyst recommendations break down as follows:

• Buy ratings: 14 analysts
• Hold ratings: 6 analysts
• Sell ratings: 5 analysts
• 12-month target price: ₹404.30 (8.3% downside potential)

The strong performance of BCCL's IPO demonstrates robust investor appetite for quality PSU offerings and reflects positive sentiment toward India's mining and coal sector, benefiting the parent company's stock performance.